A research study titled, mHealth Market by Product – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the mHealth market is projected to be around $217 billion by 2025.
Rapid increase in penetration of smartphones, rising utilization of mHealth mobile apps by people, high adoption of wireless technology enabled medical devices by the healthcare industry, and increased emphasis on patient-centric healthcare service delivery are some of factors contributing to the market growth. According to the data revealed by the National Center for Biotechnology Information (NCBI), as of 2015, two-third of the overall U.S. population and 82% of U.S. citizens in the age group 18 to 49 years owned an app enabled mobile-phone.
Key Findings of the Research Study:
Vital signs monitoring segment held the largest share of mHealth market in 2016 owing to the associated convenience of these devices for the patients in monitoring their vital health parameters personally eliminating the need to visit a physician.
In the mHealth apps segment, the healthcare apps sub-segment accounted for a majority market-share in 2016 as such consumer-centric apps are being rapidly adopted around the world for regularly monitoring heath status by consumers.
North America held the largest share of the global mHealth market in 2016 owing to factors such as rapid adoption of mHealth devices and mobile apps by the population, presence of robust internet connectivity in the region along with extensive penetration of smart mobile devices such as tablets and smartphones.
Asia-Pacific mHealth market is expected to grow with the highest CAGR throughout the forecast period owing to increasing demand for mHealth solutions such as wearable health devices in the region along with favorable government initiative to promote adoption of mHealth solutions.